President Donald Trump signed the $2 trillion economic stimulus bill late Friday afternoon, pumping much needed capital into a national economy reeling from the coronavirus pandemic. Trump’s approval came just hours after the bill passed the House of Representatives on a voice vote.
Among other provisions, it will provide $377 billion in aid to small businesses and create a $500 billion corporate liquidity fund.
Thousands of small businesses have been closed and thousands more been restricted in their operations in an effort to slow the spread of coronavirus and prevent the healthcare system from being overwhelmed. With little or no revenue coming in, their ability to pay employees is threatened and the threat of longer-term damage to the economy is increased.
In addition to assistance to businesses, the new law includes*:
- $560 billion for grants to individuals making less than $75,000 per year;
- A $600 per week increase in maximum weekly unemployment benefits;
- $340 billion for state governments; and
- $153 billion for public healthcare.
*Based on reporting by The Hill and National Public Radio.
